Buying from US bullion dealers and GST?

Discussion in 'Gold' started by silverhair, May 2, 2020.

  1. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    anything you buy with the global access thing automatically adds import fees even if it should be GST expempt. thats the real issue
     
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  2. RobHDiaz

    RobHDiaz New Member

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    If the bullion isn't 24kt then you'll have to pay 10% on top and now there is no $1000 limit , any purchase even under $50 you'll have to pay extra 10% if the item is from outside australia :( this happens all the time on ebay.
     
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  3. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    10%GST... and you cannot argue with custom because:
    - It's less than 99.9% gold <- BU grade of 99.95 + is exempted
    - It's arguably 'numismatic' (slabbed) <- slabbed is defined as not investment form/kind
     
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  4. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Thanks fellow stackers, much appreciated. On to Plan B then, i.e., soliciting help from unsuspecting friends/acquaintaces in the USA... :eek:
    Which brings me to another observation, this auction was selling a presumably quite comfortably wealthy person's possessions (estimating based on the quality of items for sale) and there were some very low prices.
    Let us see if the flood is about to commence.
     
  5. sellmeyourbullion

    sellmeyourbullion Active Member Silver Stacker

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    I've ordered lots of bullion from the States, even over the $1000 mark. I've never had to pay an import fee. The contents of my package is always listed as 'collectables' and the value of the package is always a small fraction of the total amount I paid. Maybe that will help avoid the import fee.
     
  6. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Wouldnt it all be seen as collectables? It's not money anymore according to them. Just a pet rock?
     
  7. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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  8. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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  9. bron.suchecki

    bron.suchecki Well-Known Member

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    Thanks for that, interesting that regarding reporting they say it is required if
    • the consignment consists of precious metal coins classified as legal tender, and
    • the value of the consignment exceeds AUD10,000
    The key here is "value of the consignment" not face value of the consignment - they want their cake and eat it, so if it is legal tender it is reportable but they want to use market value not legal tender value. And, they ignore the "circulated, used and accepted as, a medium of exchange in the country of issue" requirement.

    What that link implies however is that if the PMs are not legal tender then not reportable no matter the value.
     
  10. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    And that's where it gets even more confusing as Australian coins are legal tender...

    I'd you wanted to get really into it I would hazard a guess that the original idea implies to bars or rounds, not coins.

    But then it also says that for 'investment purposes' the value is determined by the spot price...

    Many grey areas
     
    Last edited: Jun 30, 2020
  11. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    And the whole 10000 dollar thing is just for money laundering purposes I believe.

    Like you can bring in more than 10k, you just have to declare it. If it's not dodgy it's fine
     

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